Binance, the world's largest cryptocurrency exchange by daily trading volumes, is investigating a suspected major hack after freezing more than $2.5 billion in digital assets, triggering a sell-off across cryptocurrency markets.
The exchange said it had frozen $2.54 billion in assets and could raise that figure further as its teams work with law enforcement, stablecoin issuers, blockchain intelligence firms and industry partners.
Binance said it had not confirmed any impact on customer funds. “At this stage, we have not confirmed any impact to user funds,” a company spokesperson said, adding that its security teams were investigating reports of a potential security issue.
The exchange also suspended withdrawals on multiple networks, describing the move as a precautionary measure. It said it was working to restore services when it was safe to do so.
However, several industry experts said the incident appeared to involve a significant amount of stolen assets.